人民币国际化道路设计的再评估

Reassessment of the Roadmap for Renminbi Internationalization

各种人民币国际化道路设计的共同点是分步实现人民币国际化。人民币不完全可兑换和国内金融发展滞后成为人民币国际化的主要约束。中国通过多种方式促进人民币国际化,其核心措施是跨境贸易人民币结算和发展香港离岸人民币市场。人民币国际化试验取得了积极成果,并表现出明显的"非均衡"特征。中国需要继续完善人民币国际化的宏观条件,为企业和银行主动参与国际化创造基础,同时采取多元方式提高企业在国际交易中的定价能力和银行的服务水平。

The common feature of all proposals for the renminbi internationalization roadmap is their emphasis on carrying out the process by stages. Renminbi inconvertibility and the nnderdevelopment of domestic finance are the main constraints on renminbi internationalization. China has launched its renminbi internationalization strat- egy in multiple ways, and the core of the strategy is renminbi cross - border trade settlement and Hong Kong off- shore renminbi market development. The renminbi internationalization pilot program has achieved positive re- suits, and exhibited ＂ disequilibrium＂ features. China needs to perfect the macroeconomic conditions renminbi internationalization, create a platform for companies and banks to participate in renminbi international- ization, and improve companies＇ pricing power and the quality of banks＇ service in muhiole ways.